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$5,000 term deposits paying up to 3.40% interest
Small banks and credit unions are offering the highest term deposit rates in Australia right now.
For investors who want to lock away $5,000, Arab Bank Australia is paying 3.00 per cent for one-year term deposits. That results in a total payout of $5,150 after 12 months (see table below).
Bank Australia, Bank of Sydney and Rural Bank One have one-year term deposit interest rates of 2.85 per cent.
Investors who want to take out a $5,000 two-year term deposit can receive 2.95 per cent from Bank Australia, for a final payout of $5,295.
Defence Bank, Teachers Mutual Bank and UniBank are close behind, with interest rates of 2.90 per cent.
A range of institutions are paying 3.00 per cent for three-year term deposits, including Australian Unity, Bank Australia, Heritage Bank, Teachers Mutual Bank and The Mutual.
That will turn an investment of $5,000 into $5,450 at the end of the three-year term deposit.
When it comes to four-year term deposits, Rabobank and RaboDirect are both paying interest rates of 3.20 per cent, resulting in a final payout of $5,640.
Australian Unity, Heritage Bank and ME Bank are offering 3.00 per cent interest on four-year term deposits.
Investors who want a five-year term deposit can receive 3.40 per cent interest from Rabobank and RaboDirect, for a final payout of $5,850.
Greater Bank is offering 3.10 per cent for five-year term deposits, while Australian Unity and G&C Mutual Bank are paying 3.00 per cent interest.
One-year term deposits
| Lender | Interest rate | Final total |
|---|---|---|
| Arab Bank Australia | 3.00% | $5,150 |
| Bank Australia | 2.85% | $5,142.50 |
| Bank of Sydney | 2.85% | $5,142.50 |
| Rural Bank One | 2.85% | $5,142.50 |
| ME Bank | 2.80% | $5,140 |
Two-year term deposits
| Lender | Interest rate | Final total |
|---|---|---|
| Bank Australia | 2.95% | $5,295 |
| Defence Bank | 2.90% | $5,290 |
| Teachers Mutual Bank | 2.90% | $5,290 |
| UniBank | 2.90% | $5,290 |
| ME Bank | 2.85% | $5,285 |
Three-year term deposits
| Lender | Interest rate | Final total |
|---|---|---|
| Australian Unity | 3.00% | $5,450 |
| Bank Australia | 3.00% | $5,450 |
| Heritage Bank | 3.00% | $5,450 |
| Teachers Mutual Bank | 3.00% | $5,450 |
| The Mutual | 3.00% | $5,450 |
Four-year term deposits
| Lender | Interest rate | Final total |
|---|---|---|
| Rabobank | 3.20% | $5,640 |
| RaboDirect | 3.20% | $5,640 |
| Australian Unity | 3.00% | $5,600 |
| Heritage Bank | 3.00% | $5,600 |
| ME Bank | 3.00% | $5,600 |
Five-year term deposits
| Lender | Interest rate | Final total |
|---|---|---|
| Rabobank | 3.40% | $5,850 |
| RaboDirect | 3.40% | $5,850 |
| Greater Bank | 3.10% | $5,775 |
| Australian Unity | 3.00% | $5,750 |
| G&C Mutual Bank | 3.00% | $5,750 |
Update (April 8, 2019): Since publishing this story, three months have passed and the rates have changed. As such, RateCity has published revised and refreshed term deposit rates, providing more up-to-date coverage.
Disclaimer
This article is over two years old, last updated on January 6, 2019. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent term deposits articles.
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Product database updated 26 Nov, 2024
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